Bill Text: NY A06458 | 2015-2016 | General Assembly | Amended
Bill Title: Creates the middle class circuit breaker tax credit and a tax reform study commission.
Spectrum: Slight Partisan Bill (Democrat 15-6)
Status: (Introduced - Dead) 2016-02-02 - print number 6458a [A06458 Detail]
Download: New_York-2015-A06458-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 6458--A 2015-2016 Regular Sessions IN ASSEMBLY March 25, 2015 ___________ Introduced by M. of A. ENGLEBRIGHT, CAHILL, GUNTHER, GALEF, JAFFEE, ROSENTHAL, COLTON, COOK, SCHIMEL, HOOPER, SKARTADOS -- Multi-Sponsored by -- M. of A. BARCLAY, CROUCH, DUPREY, GIGLIO, LUPARDO, MAGEE, PERRY, RAIA, TENNEY, THIELE -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the tax law, in relation to creating the middle class circuit breaker tax credit and creating a tax reform study commission The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (ccc) to read as follows: 3 (ccc) Middle class circuit breaker credit. (1) Definitions. For the 4 purposes of this subsection: 5 (A) "Qualified taxpayer" means a resident individual of the state who 6 owns or rents the residential real property in which he or she resides, 7 and has resided in such residential real property for not less than five 8 years. 9 (B) "Household" or "members of the household" means a qualified 10 taxpayer or qualified taxpayers and all other persons, not necessarily 11 related, who all reside in the residential real property owned by the 12 taxpayer or taxpayers, and share its furnishings, facilities and accom- 13 modations; provided that no person may be a member of more than one 14 household at one time. 15 (C) "Household gross income" means the aggregate adjusted gross income 16 of all members of the household for the taxable year as reported for 17 federal income tax purposes, or which would be reported as adjusted 18 gross income if a federal income tax return were required to be filed, 19 with the modifications in subsection (b) of section six hundred twelve EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05460-03-6
